Question 1

What is the shoebox strategy?

Accepted Answer

The shoebox strategy is based on IRS Notice 2004-50, which confirms there is no time limit on when you can reimburse yourself from your HSA for qualified medical expenses. You can pay for medical expenses out of pocket today, keep the receipts, let your HSA investments grow tax-free, and reimburse yourself years or even decades later. HSA IQ helps you track these unreimbursed expenses so you always know your available balance.

Question 2

Why not just use my HSA custodian's tools?

Accepted Answer

Custodian tools are designed to manage investments and process distributions -- not to be a decades-long receipt archive. They also lock your data inside their platform, so if you switch custodians (which most people do at least once), you start from scratch. HSA IQ is custodian-independent: your expense records and receipts follow you no matter where your money lives. We have no investment products to sell you and no platform to lock you into -- just a simple tool that helps you keep track of what you're owed.

Question 3

What medical expenses are HSA eligible?

Accepted Answer

HSA-eligible expenses are defined under IRC Section 213(d) as costs for the diagnosis, cure, mitigation, treatment, or prevention of disease. This covers a broad range of medical, dental, vision, and mental health expenses -- from doctor visits and prescription drugs to lab work, surgery, hearing aids, and therapy. As of 2026, Direct Primary Care fees (up to $150/month individual, $300/month family) also qualify under the OBBBA.

Question 4

Are over-the-counter medications HSA eligible?

Accepted Answer

Yes. Since the CARES Act of 2020, over-the-counter medications are HSA eligible without a prescription. This includes pain relievers, allergy medicine, cold and flu remedies, antacids, and similar products. Menstrual products (tampons, pads, menstrual cups) also became eligible under the same legislation. Insulin has always been eligible without a prescription.

Question 5

Do I need a prescription to use my HSA?

Accepted Answer

For most medical services and provider visits, no -- you just need documentation showing the expense qualifies under IRC Section 213(d). For over-the-counter medications, no prescription is required since the CARES Act. However, some items that fall in the gray zone between medical and personal use -- such as gym memberships, vitamins, and massage therapy -- require a Letter of Medical Necessity (LMN) from a licensed healthcare provider to confirm the expense is treating a specific diagnosed condition.

Question 6

What is a Letter of Medical Necessity?

Accepted Answer

A Letter of Medical Necessity (LMN) is a written statement from a licensed healthcare provider confirming that a specific product, service, or treatment is medically necessary to treat a diagnosed condition. The IRS requires an LMN for expenses that could be either medical or personal in nature -- gym memberships, nutritional supplements, ergonomic equipment, and similar items. Without an LMN, these expenses are not HSA eligible. Most LMNs are valid for 12 months and can be obtained during a regular appointment with your provider.

Question 7

Are dental and vision expenses HSA eligible?

Accepted Answer

Yes. Dental and vision expenses are broadly HSA eligible. Dental coverage includes cleanings, fillings, crowns, bridges, dentures, orthodontics, root canals, and dental X-rays. Vision coverage includes eye exams, prescription eyeglasses, prescription sunglasses, contact lenses and supplies, and laser eye surgery (LASIK, PRK). Teeth whitening and non-prescription sunglasses are not eligible.

Question 8

Are gym memberships, vitamins, and supplements HSA eligible?

Accepted Answer

Only with a Letter of Medical Necessity. Gym memberships, personal training, fitness equipment, vitamins, and nutritional supplements are not automatically HSA eligible. They become eligible when a licensed healthcare provider documents that the expense is medically necessary to treat a specific diagnosed condition -- such as obesity, diabetes, cardiovascular disease, or a diagnosed nutritional deficiency. A general wellness goal does not qualify.

Question 9

How does the eligible expense checker work?

Accepted Answer

The eligible expense checker references 135+ expense categories based on IRS Section 213(d) and Publication 502. When you enter an expense, we tell you whether it is generally HSA-eligible, ineligible, or may require a Letter of Medical Necessity (LMN). This is guidance, not tax advice.

Question 10

Is my data secure?

Accepted Answer

Yes. All data is encrypted with AES-256 at rest and TLS 1.2+ in transit. Receipt images are stored with 99.999999999% durability. We perform daily backups with 30-day recovery. Your data is never sold or shared with third parties.

Question 11

Can I export my data?

Accepted Answer

Absolutely. You can export all your expense data as CSV, download receipt images as a ZIP archive, and generate tax-prep summaries at any time. We believe in full data portability -- your data is always yours.

Question 12

What happens if I cancel?

Accepted Answer

After cancellation, you retain full access until your current billing period ends. We recommend exporting your data before then. After cancellation, we retain your data for up to 60 days, after which your account and data are permanently deleted.

Question 13

Is there a free trial?

Accepted Answer

Yes. Every plan includes a 14-day free trial with full access to all features. Cancel anytime during the trial and you won't be charged.

Question 14

Can I switch plans later?

Accepted Answer

Yes. You can upgrade from Individual to Family at any time from your account settings. Annual subscribers can also upgrade to lifetime access.

Question 15

What payment methods do you accept?

Accepted Answer

We accept all major credit and debit cards through Stripe. All payment processing is handled securely by Stripe.

Question 16

What happens when my trial ends?

Accepted Answer

Your selected plan begins billing automatically. You can cancel anytime from your account settings.

Question 17

Is my subscription HSA-eligible?

Accepted Answer

We can't say for certain -- IRS guidance on whether tracking software qualifies as a medical expense is limited. What we can say: HSA IQ costs $19-29 per year (or a one-time lifetime fee) and helps you track thousands of dollars in tax-free reimbursements. The return on organized record-keeping far exceeds the cost of the subscription. If you're unsure, check with your tax advisor.

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